According to docs.sqlalchemy.org/en/rel_0_7/core/… it is supported, and they have a dialect implemented. I'll have to have a go at debugging it myself, the sqlalchemy support is there, but seems preliminary.
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SigmaJul 25 '12 at 23:40

I use sqlalcmy to connect to a postgresql database using the psycopg2. I am not sure, but by reading the documentation, i think you need to download the pyodbc, it seems to be better supported than adodbapi. Once you have installed it, try the following statement to create the engine

engine = create_engine(mssql+pyodbc://user:pass@host/db)

Or you can check out different ways of writing the connection string here.